The accounts payable department, which deals with payable accounting has to undergo numerous systematic process before carrying out vendor payments. Guidelines are an essential part of this due to the value and volume of the transactions carried out in a specific period
Roles of Payable accounting
The main responsibility of Payable accounting goes beyond the mere functions of paying inward bills and invoices. It treats as a serious and different entity in major companies; however, in small firms, both the receivable tasks and accounts payable exists in a combined form.
It is obvious that the size and turn-over decide the accounts payable; it possesses three main functions apart from paying bills.